Lately it feels like Cardano (CCC:ADA-USD) got lost in the shuffle as other altcoins drew more attention. That’s a shame because Cardano is an affordable digital asset that is still showing great promise.
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In fact, there is one aspect here that you may not have considered. Without a doubt, there is some overlap between environmentalists and cryptocurrency enthusiasts. However, crypto miners are accused of using too much energy.
This allegation could be unjustified. A recent partnership between the Cardano Foundation and a specialist in climate solutions could prove otherwise to crypto critics.
Additionally, the facts will show that ADA has not been ignored by loyal cryptocurrency investors. While the media may not always report this, there is tremendous support at the ground level that cannot be denied.
Analysis of the Cardano price
This year has been great for Cardano. The price of the token has jumped from just 18 cents in January to more than $ 2. The ADA price even briefly reached $ 3 in early September. It did so during a broader rally in the cryptocurrency market – the emerging tide is lifting all boats, as they say.
Still, the run up to $ 3 was too much, too fast. It made perfect sense for Cardano to get back to $ 2 by early November. This drawdown represents a 50% discount so it could be argued that ADA is indeed cheap.
So, if you’ve been waiting patiently to buy a bath, this could be your last chance to get on the train before it leaves the station.
Restoration of the land
To recap: Cardano was founded by Charles Hoskinson in 2015 and launched as a tradable token in 2017. It is sometimes referred to as “made by the people for the people” currency.
Cardano has been used for charity for years. For example, it was used in an initiative to reform the Ethiopian education system. In the 2020s, green businesses aren’t just a trend – they may change the world for the better.
As part of this movement, the Cardano Foundation works with a reforestation project leader Veritree. Veritree is no stranger to blockchain technology as the company uses it to provide an integrated plant management platform for planting organizations.
According to reports, this partnership is set to help Veritree register all of its global land recovery efforts on the Cardano blockchain.
In addition, a tweet from the Cardano Foundation states that the Veritree alliance will “improved transparency … Immutability… Verifiability … easier protection and tracking. “
Even before this collaboration, Cardano was known as the green blockchain due to its relatively low energy consumption.
Now ADA owners can rest assured that they are supporting an environmentally friendly initiative powered by the blockchain.
An important milestone
Cardano is clearly a coin that HOLD-lers (investors who “hold on for their lives”) can feel good about. Plus, when you hold ADA, you’ll become part of a rapidly growing movement. If you need proof of this, check out a tweet from the Cardano Foundation celebrating a significant milestone.
“OVER 2 MILLION ADA WALLETS” was the headline of the tweet. As it goes on “Not long ago we celebrated reaching our 1 million mark, and now we’ve hit a whopping 2 million #There is Purses!”
Talk about scaling – this is doubling in a few months since the previous milestone of 1 million ADA wallets was reached on May 22nd. Just because the Cardano price has gone down doesn’t mean the movement is slowing down.
As Aleksandra Huk put it:
“#Cardano has reached over 2 million wallets. The fact that the $THERE IS The price stagnated for weeks, did not change the fundamentals. Do not doubt your decisions and you will be rewarded. “
The bottom line
There is no need to generalize that all cryptocurrencies are environmentally harmful. The Cardano Foundation takes the green blockchain seriously with its Veritree collaboration. Hopefully more crypto developers will enter into similar earth friendly initiatives and partnerships.
Feel free to join the fast growing movement with a small but confident position in Cardano.
On the day of publication, David Moadel had no positions (either directly or indirectly) in any of the securities referred to in this article. The opinions expressed in this article are those of the author and are subject to InvestorPlace.com’s posting guidelines.
David model provided compelling content – and occasionally pushed boundaries – on behalf of Crush the Street, Market Realist, TalkMarkets, fine Group, Benzinga, and (of course) InvestorPlace.com. He is also a senior analyst and researcher for Portfolio Wealth Global and hosts the popular financial YouTube channel Looking at the Markets.
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